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Cloud computing, often referred to as ‘the cloud’, is a method to store and access the data and programs over the internet. The cloud computing is the delivery of computing resources over the internet on a pay-for-use basis. The resources which are used are elastic and the user pay for the services procured. Cloud computing helps the healthcare industry in numerous ways such as it allows professionals to store and access data remotely, it provides the great reach during the times of disaster so that the professionals can reach to the required places, it provides and holds more information at a lower cost, and clouding helps to share and store data, which helps to speed up the medical research.

The global cloud computing market in healthcare industry is estimated to account for US$ 10,045.0 Mn by 2020 in terms of value and is expected to reach US$ 40,188.3 Mn by the end of 2027.

Global Cloud Computing Market in Healthcare Industry: Drivers

Increasing adoption of cloud computing is expected to propel growth of the global cloud computing market in healthcare industry over the forecast period. For instance, in December 2019, KCR S.A., a healthcare contract research outsourcing company, adopted Veeva Vault, a cloud enterprise content management platform, for its clinical research programs.

Global Cloud Computing Market in Healthcare Industry: Opportunities

Increasing penetration of internet is expected to offer lucrative growth opportunities for players in the global cloud computing market in healthcare industry. For instance, according to China government-backed Market Intelligence & Consulting Institute and reported by China Internet Watch, internet penetration in China reached 61.2 percent in the first half of 2019, with 854 million internet users at the end of June 2019.

Global Cloud Computing Market in Healthcare Industry: Restraints

Low adoption of internet in emerging regions is expected to hinder growth of the global cloud computing market in healthcare industry. For instance, according to Pew Research Center (October 2019), Sub-Saharan Africa has a lower level of internet use than any other geographic region, ranging from a high of 59% in South Africa to a low of 25% in Tanzania.  

Key Takeaways:

The global cloud computing market in healthcare industry was valued at US$ 8,258.1 Mn in 2019 and is forecast to reach a value of US$ 40,188.3 Mn by 2027 at a CAGR of 21.9% between 2020 and 2027. Major factor driving the growth of global cloud computing market in healthcare industry market during the forecast period include technological advancement, and increasing use of mobile applications and connected health.

IaaS held dominant position in the global cloud computing market in healthcare industry in 2019, accounting for 80.8% share in terms of value, followed by PaaS and SaaS, respectively.

Market Trends

Major players in the global cloud computing market in healthcare industry are focused on adopting M&A strategies to enhance their market share. For instance, in April 2018, Topcon Corporation announced that Topcon Healthcare Solutions, a subsidiary in the U.S., acquired all the outstanding shares of KIDE Clinical Systems Oy, a provider of optical and ophthalmology cloud solutions.

Major players in the market are also focused on launching new services to expand their product portfolio. For instance, in April 2018, Oracle Corporation, a multinational computer tech company, launched its Oracle Health Sciences mHealth connector cloud service designed to aid clinical study teams in remotely collecting data from patient sensors, wearable and apps for use in clinical trials.

Global Cloud Computing Market in Healthcare Industry: Competitive Landscape   

Major players operating in the global cloud computing market in healthcare industry include, Carecloud Corporation, Cleardata Networks, Carestream Health, Inc., AGFA Healthcare, Cisco Systems, Inc., Merge Healthcare, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Topcon Corporation, AdvancedMD, RxSafe, LLC, Ambra Health, Sectra, and MedShift.

Global Cloud Computing Market in Healthcare Industry: Key Developments

Major players in the global cloud computing market in healthcare industry are also focused on adopting partnership strategies to expand their product portfolio. For instance, in March 2020, Sectra signed a contract with Region Halland, a Sweden-based healthcare provider, to deliver its RIS as a cloud service.

Similarly, in February 2020, NANO-X IMAGING LTD partnered with Siemens Healthineers-backed USARAD, under which USARAD will utilize existing radiologists and recruit additional professionals to become service providers using the Nanox.ARC and the Nanox.CLOUD for imaging diagnostics.

Major players in the global cloud computing market in healthcare industry are focused on launching new services to expand their product portfolio. For instance, in March 2020, Phunware, Inc., a fully-integrated enterprise cloud platform, launched a National Ventilator Registry

Similarly, in May 2019, MedShift launched Version 2 of its connected device software, a new secure cloud computing platform designed to enhance manufacturer visibility, and device ROI.

Major players in the global cloud computing market in healthcare industry are focused on adopting M&A strategies to enhance their market share. For instance, in May 2020, Cisco announced its intent to acquire privately held ThousandEyes, Inc., a provider of internet and cloud intelligence platform headquartered in San Francisco, U.S.

Segmentation

  • By Service Model
    • IaaS
    • PaaS
    • SaaS
  • By Priding Model
    • Spot Pricing Model
    • Pay-as-you-go Model
  • By Cloud Type
    • Public
    • Private
    • Hybrid
  • By Application
    • CIS
    • NCIS
  • By Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East
    • Africa
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